30 Northwestern Mutual Interview Questions & Answers
1. Northwestern Mutual is client-centric. How do you continually strengthen relationships with your exciting client base?
How to Answer
Many employees in the wealth management industry are commission-based and rely on excellent relationships with their client base to make a healthy wage. For these reasons, it's in your best interest to have a solid strategy when it comes to building strong relationships with new clients and building upon your existing client base at the same time. Discuss some steps that you take to ensure you have profitable client relationships.
1st Answer Example
"It's important to me that I take time out of every day to strengthen relationships with my prospective customers as well as my existing client base. For me, it's all about adding value to my offering. This value could be in the form of my monthly newsletters, or the market reports that I publish quarterly. I spend the time to craft interesting downloads, whitepapers, and other PDFs focused on educating my contacts. This way, they become more comfortable with me and being to see me as a thought leader in wealth management. In turn, because of these frequent touchpoints, I am often the first name they think of when they are ready to build a stronger financial future."
2nd Answer Example
"I think that one of the keys to client connection, as a Financial Advisor, is to have an approachable, professional brand. I learned in business school that humanizing your brand was essential for client engagement. Everyone wants to feel a connection with their advisor, and one built on trust and loyalty. I plan to approach client engagement in a hands-on manner that includes as many phone calls, follow-ups, and in-person meetings as possible."
User-Submitted Answer
"One of the most important aspects of maintaining relationships with clients is constant contact. You don’t ever want them to forget you or the valuable service you’re providing them every day. As such, reaching out regularly with updates on their accounts as well as the state of the market at large serves to reaffirm my commitment to providing the best service possible. Establishing an online presence will both attract new clients and keep contact with existing ones as well."
Written by an Anonymous User
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Marcie Wilmot Reviewed the Above Answer
Great! This is a strong answer that clearly explains how you plan to stay in touch with and strengthen the relationships of existing clients. Excellent.
2. Wealth management is an all encompassing term. How would you explain what we do at Northwestern Mutual to someone unfamiliar with our company?
How to Answer
The term 'wealth management' can become fuzzy as there are many interpretations, along with a plethora of companies that offer wealth and financial investment services and products. The interviewer wants to see that you have conducted ample research on Northwestern Mutual. Briefly discuss what you understand Northwestern Mutual to do, in a way that anyone outside of the industry could follow.
1st Answer Example
"For someone who is not familiar with Northwestern Mutual or even the term wealth management, I would describe the services as services for the affluent that include financial planning, portfolio management, and investment guidance. From research, I understand that the top products offered at Northwestern Mutual include (A), (B), and (C) which fall into these categories."
2nd Answer Example
"The easiest way to understand wealth management, and what you do at Northwestern Mutual is the structured management of money, for those who are affluent, conscious about making their money work for them and conscious of planning for life's milestones such as retirement."
User-Submitted Answer
"For someone unfamiliar with what NWM does, I would start simply and explain that we provide clients with a wide-ranging selection of financial services that we can tailor to their unique plans for the future. This includes investment advising, financial planning, and the management of complete portfolios."
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Marcie Wilmot Reviewed the Above Answer
Perfect! Your explanation of the company and its services is right on and shows the interviewer that you know how to translate complex concepts into easy-to-understand layman's terms. Good job!
3. As a wealth management professional, have you ever been asked to act unethically? If so, what did you do?
How to Answer
It's no secret that unethical behavior in the finance industry is widespread. Every day of the week, we hear in the news of somebody new facing fines and jail time for financial crime.
Northwestern Mutual takes pride in their reputation and part of maintaining this reputation means ensuring those they hire are operating entirely above board. If you have ever been asked to act unethically, talk about the situation without speaking poorly of another finance professional, or past employer. If this situation has never happened to you, that's great! Take a minute to assure the interviewer that you will always act with the utmost integrity.
1st Answer Example
"In my career, I have been offered gifts from clients, and although this is not a direct crime, it never feels right to accept anything lavish from a client. I do everything that I can to keep my relationships strictly professional. You can rest assured that I would act with utmost honesty and integrity, representing Northwestern Mutual with pride every day."
2nd Answer Example
"I am newer to my career and have never encountered a situation that rode a grey line. I would never do anything to jeopardize my company, career, or professional reputation. Should a situation be serious, I would report it to my employer or governing board immediately."
User-Submitted Answer
"I am new to this field and have been lucky enough in my prior work not to encounter any potentially unethical situations. However, I take my responsibilities seriously, and wouldn’t hesitate to bring attention to potential issues I see."
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Marcie Wilmot Reviewed the Above Answer
It's great that you're an ethical person. Since you've never encountered this before, walk the interviewer through a hypothetical scenario. How exactly would you handle this situation? What would you do? Who would you contact?
4. In an initial client meeting, how do you first assess a client's financial position?
How to Answer
When it comes to a clients' financial position, and their financial risk tolerance, it's imperative that you, as a wealth management professional, know how to accurately and carefully assess their actual financial status. Show the interviewer at Northwestern Mutual that you can take the appropriate steps when first meeting or onboarding a new client.
1st Answer Example
"As a responsible wealth management professional it is essential to me that my clients know their bandwidth when it comes to the risk they are willing to take, and where they want to be in the near, and far future. I saw a lot of pain during the economic downturn as so many investors over-estimated their ability to stomach the risk and the downside of investing. When first assessing a clients' actual financial position, I ask a lot of discovery questions. I also perform time horizon tests such as NestEgg Estimates and other stress tests to ensure they understand where they are as far as their financial future and the risk they are willing to take."
2nd Answer Example
"There are many ways to assess my client's financial position. I am analytically minded and know that the truth is always in the numbers, so I rely on a lot of data that comes from stress and tolerance tests. I ask a lot of questions regarding future planning and their level of comfortability when it comes to risk. Everyone is different, and it's critical that I treat each client as a unique case."
User-Submitted Answer
"It’s important to assess the hard facts represented by the numbers and the emotional component of a new client. It is critical to ask clients the right questions so that I can understand all the facts and provide the best possible outcome."
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Marcie Wilmot Reviewed the Above Answer
Great! You are correct, but can you build out your answer more? What are examples of some questions you might ask? How will you determine your client's emotional composition? What documents will you request from them to see their financial status? Be specific.
5. How do you stay current on developments and trends in wealth management?
How to Answer
There are many resources in the wealth management industry, but the interviewer needs to know that you follow and take advice from only the best. In an online world where you can find any information you need, how do you ensure that your industry knowledge is built from solid resources? Mention the reputable publications that you lean on and feel free to ask the interviewer for a recommendation, too! Asking for recommendations could break the ice and open up a helpful conversation.
1st Answer Example
"I rely on a variety of resources to ensure that I get a broad scope of opinion and information. The sources that I rely on most include opinion pieces published on LinkedIn by my professional network, as well as online publications such as The Economist and Financial Advisor Magazine. If you have some resources to recommend, I would love to hear!"
2nd Answer Example
"The resources that I am most familiar with include Kiplinger, Forbes, and The Financial Advisor Magazine. It's important to me, as I grow my career in wealth management that I remain in-the-know but only through highly reputable resources. I am all ears if you have any reading and resource recommendations."
User-Submitted Answer
"There is certainly no shortage of materials available in the modern age. I have a special news membership that grants me access to a number of digital subscriptions to financial resources, and I aim to grow a professional network that will allow me to stay current."
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Marcie Wilmot Reviewed the Above Answer
Nice! It sounds like you stay abreast of new financial technologies, trends, and tools, which will please the interviewer. Do you also plan to attend any conferences, take any online courses, subscribe to any industry publications, or join any industry associations?
6. Walk me through your education and how it relates to a career in wealth management.
How to Answer
Your formal education and industry training might be on your resume; however, the interviewer would like you to dig deeper and bring this education to life for them by discussing how your education has prepared you for this job with Northwestern Mutual.
If you have a finance-specific post-secondary degree, this answer will be straightforward for you. You can list completed coursework applicable to the products and services offered at Northwestern Mutual.
If you do not have an applicable degree, it's time to think about what you learned at your highest levels of education and how that knowledge applies (or will apply) to your work. Some of these skills could include:
- Proposal Writing
- Public Speaking
- Presentation Building
- Independent Learning
- Academic Research
1st Answer Example
"I earned my masters' degree in finance from ABC University. My degree exposed me to the financial world and specific topics such as bonds, econometrics, economics, corporate finance, governmental finance, individual investment, statistics, and portfolio management. I am grateful for my education and how well it has supported me in my career."
2nd Answer Example
"I will never be finished when it comes to my education and learning. Although my degree is in business administration, and not specifically finance, my school did prepare me very well for a career in wealth management. I took courses in economics, finance, management, and marketing; all important facets of wealth management."
User-Submitted Answer
"I studied psychology in college, which as a science taught me a number of critical skills in both researching and analyzing data. As a more human-focused, emotions-based science, I learned how to connect with and understand people. These skills suit me well for a financial advising/wealth management career."
Written by an Anonymous User
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Marcie Wilmot Reviewed the Above Answer
Awesome! What school did you earn your degree from? Have you since taken any courses or earned any certifications in the financial management field that you can also mention? If not, do you have plans to do so?
7. How would you explain mutual funds to someone unfamiliar with the concept?
How to Answer
Mutual funds may be a basic concept to you, as a wealth management professional; however, the point of the question is for the interviewer to determine how well you can explain financial products to your clients.
Northwestern Mutual has a reputation for educating their clients, helping them to understand common concepts in wealth management better. Show the interviewer that you can deliver these expectations by simply and clearly describing what mutual funds are, being sure to highlight the benefits.
1st Answer Example
"I understand that the world of wealth management can be overwhelming and complicated, which is why it's imperative that I can explain concepts and products very simply. All a client wants to know is if the product is right for them, why it's right, and what kind of results they can expect. For that reason, I would explain mutual funds as a professionally managed money pool. The money pool is used to purchase securities, ideally resulting in a financial return for every investor."
2nd Answer Example
"Mutual funds are a basic financial concept, so it's important that every one of my clients has a solid idea on how they work. I would tell a client that when they buy a mutual fund, they are pooling their money with many other investors. This pooled money lets them invest more widely for a lower cost. A professional manager decides where to invest this money pool. Mutual funds are flexible, allowing a client to buy or sell their funds at any time."
User-Submitted Answer
"Well, mutual funds are a way of collecting people's mutual (or collective) funds and investing them in a collection of securities. This disperses the risk two-fold, spreading it over many clients and investments, and allows easy diversification."
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Marcie Wilmot Reviewed the Above Answer
Nice! The interviewer will appreciate that you can explain this concept. Do you have any personal experience investing in mutual funds? Is this an investment vehicle you would potentially recommend to clients? Add some more details to make your answer even more meaningful and memorable to the interviewer. Great job!
8. This role with Northwestern Mutual is very independent. How do you prospect for new customers?
How to Answer
The interviewer would like you to take them through your prospecting process. Because this question is open-ended, it can be easy to go on and on about every small step that you take. The primary purpose is to show the interviewer that you keep yourself organized and have a well thought out approach to building your business. Keep your answer on track while bringing your process to life!
1st Answer Example
"I have a few very effective techniques when it comes to prospecting for new customers. First, I make sure that all of my prospects are in my CRM so that I never skip a beat. I ask for referrals from all of my clients and make warm calls from that list. More passively, I write a lot of wealth management content and publish it on LinkedIn, positioning me as a thought leader and getting my name out there. I gain a lot of leads from this approach. Another highly effective prospecting technique has been attending networking events and joining my city's commerce board."
2nd Answer Example
"As I build my business as a new financial advisor, it's important that I get my name out there through networking and getting to know people in my community. I volunteer a lot and attend many commerce meetings, which gives me exposure to new people and potential clients. I do a lot of social media marketing in the form of educational posts, which starts conversations online with prospective customers that I may not otherwise meet in person. I also spend time warm calling from my LinkedIn connections."
User-Submitted Answer
"As a new financial advisor, I would focus on building my own personal brand and extending that presence across a variety of channels, including social media. I also think it's important to respect traditional means of establishing new client relationships such as calling on leads or otherwise contacting potential clients. As a photographer, I’ve also received a lot of business from referrals from happy clients."
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Marcie Wilmot Reviewed the Above Answer
Awesome! It sounds like you have a great grasp on how you might attract new clients. How exactly will you build your personal brand?
9. Tell me about the systems and tools that you lean on to do your job.
How to Answer
If Northwestern Mutual mentions any tools or tech in their job posting, be prepared to discuss your exposure to those during your interview. Perhaps they use a specific CRM or tech to help analyze trends in the financial market. Talk to the interviewer about the tools that you currently use, and others that you have used in the past. If you are new to your career, you can talk about any programs that you used in university or during your internship. Be sure to show the interviewer that you are eager and willing to learn.
1st Answer Example
"First and foremost, I use my CRM all day long, and rely heavily on it when it comes to my pipeline of business and existing client portfolio. I use Capsule because it's a CRM that allows me to share progress with my team, should we be working on larger investment accounts together. Aside from my CRM, I also use email marketing automation software, allowing me to keep my leads warm with an email funnel that I have automated. A new tool that I love is NestEgg Estimator, which is a Google app that takes my client's finances and breaks them down into income, taxes, assets, and debt, better helping me to calculate their needs for retirement. The app allows me to play out various scenarios, such as changes in job, expenses, and spending."
2nd Answer Example
"I have been teaching myself a few new tools, in anticipation for my first job in wealth management. These tools include Salesforce CRM, where I have been taking their free webinars and tutorials. I have used YouTube channels to learn additional tech such as Black Diamond, which is a cloud-based portfolio management platform. I understand that Black Diamond will help me with information aggregation, customizing reports, and other tasks required of me as a junior advisor."
10. Do you prefer to work independently, or with partners?
How to Answer
This teamwork-based question will give the interviewer an idea of your preferred work style. The way you answer this question will show a bit about your personality and how you interact with others. You may work well without the need for much direction and collaboration, or maybe you are very driven by a collaborative and team-focused environment. Either way, be honest with the interviewer about your preferences without leaning negatively, either way.
1st Answer Example
"I understand that this role requires me to work both independently and with the partners and team at Northwestern Mutual. In my current role, I work independently around 75% of the time, and I do appreciate the autonomy. With that said, around 25% of the time when I am collaborating with the team, I feel encouraged, challenged, and refreshed. It's great to have a balance of independence and teamwork."
2nd Answer Example
"Being newer to my career, the more I can learn from partners and teammates, the better I will become in my career. So, although I can certainly work on independent tasks, I do prefer at this time to have more interaction with others, giving me opportunities to learn."
User-Submitted Answer
"I prefer to accomplish my goals independently whenever possible, but I understand that some tasks are simply better approached by a team. I’m not afraid to work collaboratively; in fact, I think it is often a valuable experience to be able to learn from others."
Written by an Anonymous User
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Marcie Wilmot Reviewed the Above Answer
Excellent! The interviewer will be happy to hear that you're able to work both independently and within a team. Can you provide some examples to support these claims?
11. Do you have your Certified Financial Planner (CFP) designation? If not, is this something you would like to achieve?
How to Answer
Being a Certified Financial Planner (this may be called something else in your region) is a prestigious designation because it shows your clients that you can meet their needs despite the evolving requirements in the financial planning realm. During your certification, you take a plethora of topics including financial analysis, retirement plans, education, and disability plans, economics, credit and debt, investments, law, insurance, and more.
If you already possess industry certification(s) that is great! Take the time to discuss what you learned and express the importance of continued education.
If you are not yet certified, be sure to let the interviewer know that gaining further industry designations is in your short-term career.
1st Answer Example
"I believe it's imperative to be part of a national or federal body that educates and designated professionals in the wealth management industry. I am a certified financial planner and do enjoy the benefits of having the CFP letters behind my name. They signify trust and knowledge, which are two things for which an investor should always look. I will continue to educate myself, past the CFP designation as my career goes on."
2nd Answer Example
"I have registered for my first information session and plan to earn my CFP designation in the next 2.5 years; once my application is approved by the board. I look forward to offering additional knowledge to my clients, and this designation is an important first step."
User-Submitted Answer
"I understand that the CFP designation is a critical goal for my career in this field, and I aim to achieve that designation as quickly as possible. I want my clients to know I have the proper background and that they can trust me with their unique financial planning goals."
Written by an Anonymous User
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Marcie Wilmot Reviewed the Above Answer
Great! When do you plan to acquire this designation? Why haven't you earned it yet? Providing some additional details will further strengthen your answer.
12. As a Financial Advisor, your compensation is tied directly to your productivity. How do you feel about working in a highly commissioned role?
How to Answer
Working on a commission-based position is not for everyone! Depending on the structure at Northwestern Mutual and the role you are taking on, you may have a base pay, work on a guarantee, or be completely reliant only on the commissions you earn as a Financial Advisor. The interviewer wants to see that you have confidence in your abilities and the strength of your portfolio.
1st Answer Example
"I have worked in a commission-driven environment inside and outside of the wealth management industry. I have made a fantastic living doing so because I believe in my capabilities, I reach my goals, and I keep the promises that I make to myself and my clients."
2nd Answer Example
"Commission-driven environments are new to me; however, I like the idea that I earn money based on how hard I work. I am not afraid of hard work, so, for that reason, I believe I can flourish in a highly commissioned role."
User-Submitted Answer
"I am very excited to be working in a role where my output is directly linked to my compensation. As a very efficient and productive person, I’ve often felt poorly compensated under traditional pay structures and I think this system would work very well for me."
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Marcie Wilmot Reviewed the Above Answer
Awesome! Consider talking more about how working for commissions will motivate you to work hard and efficiently. Emphasize how confident you are that you'll be able to meet and exceed your targets.
13. Analytical skills are critical to success as a Financial Advisor. In which ways are you analytically minded?
How to Answer
There are many ways to show that you are analytically minded. Perhaps you are great with research or investigating a problem. Maybe you take clear and logical steps in everything that you do. Or, you show a methodical or clear-cut approach to reaching your goals and completing tasks. Be prepared to discuss how you are analytically minded, making you an exceptional professional in the wealth management industry.
1st Answer Example
"As a Financial Advisor, I use my analytical skills when detecting patterns in finance trends, observing and interpreting data, theorizing on where the market is going, or brainstorming ideas for my clients when their decisions lean on multiple factors and options available in the market. I take pride in my analytical abilities because they help me to do my job exceptionally well while also benefitting my clients greatly."
2nd Answer Example
"My analytical skills are getting stronger every day, and I had the opportunity to hone in on them during my time in university. In school, I would collect and analyze information, problem-solve, and make decisions based on data. I will bring my analytical strengths to Northwestern Mutual to help you solve problems and ensure your clients see the most financial success possible."
User-Submitted Answer
"For starters, my approach to many aspects of life could be thought of as analytical. I like to be prepared, and because of that I’m generally good at readying myself for new things and being able to “hit the ground running”. My education in psychology also taught me strong skills in researching, collecting, and analyzing data in a scientific way."
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Marcie Wilmot Reviewed the Above Answer
Great! Can you go into more detail about your analytical approaches to life? Also, how will your data skills benefit you in this role? Good job!
14. How do you show potential clients that you are a trusted source for information on wealth management and other financial topics?
How to Answer
It's crucial, as an advisor or professional in the wealth management industry, that you can instill a feeling of confidence in your clients. Your clients have to be able to trust that you are in-the-know and that you do everything you can to provide them with the most up-to-date information, protecting their money and helping them to grow their financial situation. Discuss what you do to show potential clients that you should be their go-to source when it comes to their financial future.
1st Answer Example
"For me, as a wealth management professional, it's most important that I show my clients the value they would receive from working with me, long before they officially hire me. Every quarter, I provide my clients, and prospects alike, with an in-depth market report. I research and write the report myself, ensuring that I am a thought leader and someone they can trust. If big news comes out, I aim to be the first person in the inbox, offering them tips and tricks on how to max out their investments."
2nd Answer Example
"Showing that I am with them every step of the way is crucial. I will give reading recommendations to my prospective clients and do everything I can to empower them. When a potential client sees that I am looking out for them, even when they haven't committed to working with me yet, I bring trust and value to the equation."
User-Submitted Answer
"It’s important, first and foremost, to present an image of professionalism and integrity. From the way I dress and carry myself, to the way I organize my desk, my goal is to make a positive impression on potential clients, whether they were referred or are just now meeting me. Then, staying knowledgeable on the field and being able to package that information in an understandable medium for clients will assure them their trust is in the right hands."
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Marcie Wilmot Reviewed the Above Answer
Excellent! The way you present yourself and the knowledge you possess are definitely two ways you can show clients that they can trust you as a source of information in this area. Great answer!
15. Which factors do you believe most impact the growth of the wealth management industry?
How to Answer
The interviewer would like assurance that you understand how the wealth management industry works, and the factors that could impact your success at Northwestern Mutual. Be prepared to discuss any items you have recently read in the news, or talk about the sources that you turn to when you are looking for reliable and up-to-date information on what the wealth management industry is doing.
1st Answer Example
"I follow many blogs and publications from companies such as your own, JP Morgan, and Wells Fargo. The factors and topics touched on the most often include previous financial crisis, adapting to quickly changing market environments, shareholder expectations, strict regulations that change often, and milestones in tech. I believe that together, all of these topics shape the wealth management industry in a sometimes unpredictable way."
2nd Answer Example
"According to a very intriguing report released recently by Deloitte, there are ten primary factors that impact the wealth management industry. These include a higher intensity of competition, increased regulatory burdens, a new generation of investors who think entirely differently, and the introduction of artificial intelligence and machine learning into the wealth management industry. These are to name a few. It's important to me that I keep up with these rising trends as they directly impact my career."
User-Submitted Answer
"Things are certainly changing in the field. The growth of artificial intelligence and the accessibility of information at large is having a profound impact already, and I’m sure the regulatory response will muddy the waters further. Ultimately, I think the field at large will emerge quite differently in the coming decades."
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Marcie Wilmot Reviewed the Above Answer
You come across as knowledgeable about this topic, but can you provide additional details to build out your answer even more? What kind of impact is AI and the accessibility of information already having? And how do you envision the field changing from this in the future?
16. Financial Advisors with Northwestern Mutual who are active in their community see more success. Tell me about an organization or group outside of work with which you are involved.
How to Answer
The interviewer would like to know if you are giving of your time and involved in your community. As a Financial Advisor, a lot of your success comes from networking and getting your name out into the community. Volunteer work and community involvement showcase strong character and selflessness, which are all qualities that make a great advisor. Talk to the interviewer about how you are active and involved outside of work.
1st Answer Example
"I recently began sitting on the business commerce board for our city. Part of what we do it raise funds for local schools and other needs for the community, while also providing helpful resources to local business owners. I have thoroughly enjoyed my experience so far and plan to dedicate myself more often to giving back to others."
2nd Answer Example
"Aside from being a Financial Advisor, I am also the parent of three young children. Their schools and sports groups are often running community fundraising events. This year I volunteered to be a school committee treasurer. It doesn't take up much of my time, but it does feel great to be an active parent helper."
User-Submitted Answer
"I’ve always involved myself heavily in volunteer opportunities and community functions. Currently, I am a member of my local Selective Service System board, and I am working on becoming a volunteer for the American Red Cross. In the past, I’ve involved myself in many local volunteer efforts, and I’ve always enjoyed the connections I’ve made while working."
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Marcie Wilmot Reviewed the Above Answer
Nice! What do you do as a member of the SSS board? Why have you decided to volunteer for the American Red Cross? And can you talk more about some of the local volunteerism you've done? Provide specifics to impress the interviewer. Great job!
17. Many Northwestern Mutual employees work as though they are independent business owners. Talk to me about what makes your entrepreneurial by nature.
How to Answer
Although you may be employed by Northwestern Mutual, they want to ensure that you will be able to run your portfolio as though it is your own business. You may be responsible for building your client list, maintaining relationships, and adjusting your business to the ever-changing economic environments and trends that we face today.
Share with the interviewer what an entrepreneurial mindset means to you, and how you go about exercising that mentality in your day to day work.
1st Answer Example
"For me, it's important that I continue to manage my portfolio of clients as though it's my own business. To do this, I pay for and attend industry conferences regularly. Rather than running straight to management, I reverse engineer problems and conduct research when an issue arises. Also, I take the opportunity to read as much as I can. I absorb myself wholly in topics related to finance, investments, and wealth management."
2nd Answer Example
"An entrepreneurial mindset, to me, means to continually seek out new challenges and think about my career vision every day. Also, I am an exceptional problem solver. I think quickly and can get myself out of most situations by looking at the issue from various angles. I willingly accept feedback and criticism, then take that feedback to find new ways of working. These are just some of the entrepreneurial qualities I will bring to Northwestern Mutual and my clients."
User-Submitted Answer
"My family has always said I have a knack for business, and perhaps they’re right. When I was in second grade, I began making and wearing paper ties to school on Tuesdays and called it “Tuesday Tie Day”. When others wanted in, I made and sold the ties for a quarter. I created both the demand and the supply for my product— and soon I ran a store out of my desk. I currently own a photography business, and I’m always looking for ways to create value."
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Marcie Wilmot Reviewed the Above Answer
Very cute - Tuesday Tie Day! :) It's great that you have always been naturally entrepreneurial. Talk more about your photography business to bring your answer from way back when to the modern day. Good job!
18. When you suffer a setback in your portfolio, how does that emotionally affect you?
How to Answer
Working in wealth management can be a bumpy ride, as you build your portfolio, and as rules and regulations in the finance industry shift. For this reason, the interviewer at Northwestern Mutual would like to know that you can handle the ups and downs of the industry. Be prepared to discuss how setbacks impact you emotionally and how you typically cope.
1st Answer Example
"As a commission-driven Financial Advisor, I am competitive with myself, my past performance, and hyper-targeted when it comes to achieving my goals. I become internally frustrated when I do not meet my goals or a 'done deal' with a client falls through. When this happens, I do a rundown of what I could have done differently, trying to pinpoint where things could have gone wrong. I aim to learn from the situation so that it doesn't hold me back again."
2nd Answer Example
"I allow myself a moment to be frustrated when a setback occurs, but never in front of a client or colleague. I am very good at keeping my cool and maintaining positive energy. I've lost clients before, from what I perceived to be closed business, and it sometimes hurts, especially financially; however, I never let a situation like that hold me back. In fact, setbacks fuel me to work even harder the second time around."
User-Submitted Answer
"Of course, it is only natural to be frustrated by setbacks. It’s important to recover and redirect that energy into something more productive, such as analyzing and redefining my approach."
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Marcie Wilmot Reviewed the Above Answer
Makes sense! Can you provide an example of a time when you suffered a setback and discuss how you successfully navigated and learned from it?
19. How would you build a relationship with a client with an intimidating nature?
How to Answer
In the wealth management industry, you will come across many personalities; some which may be intimidating or come off strong by nature. The interviewer wants to see that you have the smarts, and maturity to deal with strong personalities while maintaining control and professionalism. If you have come across a situation like this, discuss what you did to overcome any feelings of intimidation.
1st Answer Example
"Many of my clients are wealthy business professionals who are busy and do not have a lot of time to fuss around conversations. Sometimes they can come across as intimidating; however, I remind myself that they have a lot on the go, and I need to make every conversation count. I am proud of the work that I deliver, and I stand behind it, no matter how intimidating or brief a client can be."
2nd Answer Example
"Because of the vulnerable nature of wealth planning and management, I can understand how some people may feel intimidated by the whole thing; thus, coming across a bit harsh or intimidating themselves. If this situation occurs, I will focus less on how I am feeling and more about how they are feeling."
20. Why do you want to work in wealth management, and where would you like your career to take you?
How to Answer
The interviewer wants to know what stems your passion for a career in wealth management. Talk a bit about your history in the industry, how your post-secondary education propelled you into this career, or perhaps how your own experience with a Financial Advisor piqued your interest.
Next, think about where you want to grow with Northwestern Mutual. Take a look at the natural career path, from the role you are currently interviewing for, and up a few steps. Do you have ambitions to step up with Northwestern Mutual and earn a title promotion? Discuss where you want your career to take you, being sure to show enthusiasm for potential job promotions and opportunity.
1st Answer Example
"I obtained my masters' degree in finance thinking that I would be joining a corporate banking environment. That is until I met a seasoned financial investment advisor who shared with me her career path and successes. I loved the flexibility that she had in her career and that her income potential was never capped like mine would be in a corporate environment. It was history from there! Today, I would like to grow my career to include branch management or a regional position for Northwestern Mutual. "
2nd Answer Example
"Growing up, my parents were always teaching me about planning for my financial future, so I believe the seed of interest was planted with me very early. I have a keen interest in making investment suggestions to help people create a sound financial plan. During university, I was the go-to person for other students who wanted to become involved in penny stocks, and from there, my interest flourished. As a recent finance graduate, I am ready to start my career as a junior advisor and work my way into a senior advisory role with Northwestern Mutual when the time is right."
User-Submitted Answer
"I want a career in wealth management because I believe it would suit my personality and provide me with the opportunity to both start in a field and grow to my full potential. While my long-term goals may be somewhat open-ended, I believe this path will furnish me with the chance to reach any objectives I may have."
Written by an Anonymous User
Our Professional Interview Coach
Marcie Wilmot Reviewed the Above Answer
How will wealth management complement your personality? What traits do you have that will allow you to excel in this industry? Rather than leaving your future open-ended, discuss any ambitions you might have (managing other people? continuing to learn? growing with the company?) to further impress the interviewer. Nice job!
21. Do you have experience preparing and delivering presentations?
How to Answer
Part of what you may be expected to do at Northwestern Mutual could be planning, preparing, and delivering presentations to clients or other stakeholders. As most of us know, public speaking can be intimidating, causing fear in a lot of people. It's okay to be nervous; however, the interviewer wants to see that these nerves do not get in the way of your preparation and ability to communicate well.
If applicable, discuss any courses or training you have taken, related to public speaking and presentations. Assure the interviewer that you are capable by reviewing times in the past when you have prepared and given presentations. Be sure to include details such as the topic, what the setting was, and how many people you presented to.
1st Answer Example
"In my current role, I regularly present to my clients, and my team of 20 advisors. To help me gain confidence as a speaker and presenter, I became a Toastmasters member two years ago. Since joining, I have taken courses such as 'The Better Speaker' series, 'Beginning Your Speech,' and 'Concluding Your Speech.' I also have training in PowerPoint, ensuring that my presentations are visually engaging."
2nd Answer Example
"The bulk of my presentation experience comes from my time in university, where I prepared a variety of speeches and decks. I am a confident public speaker and was able to present to a group of my peers without any issues. I look forward to gaining even more experience in preparing and delivering professional presentations for clients and internal stakeholders."
User-Submitted Answer
"I gained a lot of experience with presentations in college. I gave several speeches and was even invited by a professor to give lectures in classes I had taken previously. Public speaking is a skill I value immensely."
Written by an Anonymous User
Our Professional Interview Coach
Marcie Wilmot Reviewed the Above Answer
Nice! The interviewer will be pleased to hear that you are proficient in this area. Can you talk more specifically about the experience you gained in college? Also, what qualities and skills do you possess that make you a good public speaker?
22. How will your skills complement Northwestern Mutual, if hired?
How to Answer
The interviewer would like to know how your skills will benefit Northwestern Mutual, should they choose to hire you. This question is an excellent opportunity to highlight the hard skills and soft skills that make you a stand out candidate. Be sure that you answer aligns nicely with the values and mission statement of the organization.
1st Answer Example
"I understand, after reading through your company website, that your mission is to help your clients achieve financial independence and freedom in retirement. My skills in retirement planning are strong, and my portfolio of work attests to this fact. I care about my clients in a way that they notice, which is why I gain such a high referral rate year after year. Lastly, because I have twelve years' experience in the wealth management industry, the time to train me will be significantly reduced, ensuring that I begin making a positive financial impact on Northwestern Mutual right away."
2nd Answer Example
"I am highly technical and analytical and pick up on numbers and systems very quickly. I have already crafted a 30, 60, and 90-day plan to exceed my training expectations and targets. The plan includes doubling up on my cold calls and booking more in-person client meetings. These activities, along with my speed and eagerness, will ensure that I make an impact on the Northwestern Mutual bottom-line as soon as possible."
User-Submitted Answer
"I am confident in my abilities to quickly learn new skills, acquire knowledge, and apply it to any field. As such, I’m ready to take this opportunity to grow personally, provide professional services to clients, and have a positive impact on the NWM brand and bottom line."
Written by an Anonymous User
Our Professional Interview Coach
Marcie Wilmot Reviewed the Above Answer
To further strengthen your answer, talk specifically about the skills you possess that will help you in this role (communication? organization? interpersonal? persistence? patience?) Look at the job ad to know which skills are valued by the interviewer and then talk about those that are applicable to you.
23. What skills did you learn in your current role that will help you succeed at Northwestern Mutual?
How to Answer
To answer this question successfully, it's a great idea to take a look back at the job posting or job description, and take note of the skills that Northwestern Mutual seems to request the most.
Many job postings are repetitive, and you should be able to see which skills come up more than once or twice. Focus on those keywords when answering this question.
1st Answer Example
"I have learned a great deal from my current organization, and have gained many valuable new skills. I noticed in the Northwestern Mutual job posting that you are seeking someone with solid results in cold calling, gaining referrals and networking. These are skills that I have worked very hard to master over the past few years. I make around 100 cold calls per week, and my referral rate is well above 40%; nearly double that of my co-workers. These are just some of the skills that will help me to succeed with Northwestern Mutual."
2nd Answer Example
"During my internship, I learned a lot about the art of conversation and getting to know clients by asking the right questions and being unafraid to dig deeper. In your job posting, you mention looking for a junior advisor who is curious by nature, knows how to ask the best discovery questions, and is great with research. These are just some of the skills I have recently developed, and I am eager to apply them in this role with Northwestern Mutual."
User-Submitted Answer
"In all of my previous jobs, I learned both the importance of proper collaboration and the ability to assess and respond to situations independently. In my work as a photographer, I met with many clients and refined the skill of understanding and providing the services they need."
Written by an Anonymous User
Our Professional Interview Coach
Marcie Wilmot Reviewed the Above Answer
Excellent! So you learned to collaborate with others, assess and respond to situations, and understand what clients need? Now connect these skills to the role itself and explain how they will enable you to excel. Good job!
24. How do you deal with client rejection or objections?
How to Answer
Part of working in wealth management is sales and, what comes with sales, is facing rejection and objections regularly. Talk to the interviewer about any formal training you have in objection handling. Be prepared to discuss how you handle, and bounce back from, rejection.
1st Answer Example
"I love the quote by Tom Hopkins that says, 'Begin always expecting good things to happen.' This quote encompasses my approach to sales and even client rejection. I know that my offering is better than the rest, and I stand behind my work and maintain integrity in everything that I do. The 'right' client for me is one that will see these qualities right away and be willing to hear me out, at the very least. When I hear the word 'no,' I understand 'not right now.' No is not forever, and I will continue to massage even the 'no' relationships until they turn into a yes!"
2nd Answer Example
"To be a successful professional in the wealth management industry, I must rely on my reputation, referrals from others, and professional follow up. For these reasons, no matter how a customer rejection might make me feel, I vow to remain professional. I am a positive person by nature, so I when rejection comes my way, I will ask more questions to see if I can find the true source of the objection."
User-Submitted Answer
"It’s a simple fact in this field that sometimes you will face objections or rejection. Of course, there are plenty of other clients out there and rejection is an opportunity to take a step back, analyze and refine my approach. A good salesman should learn as much about their failures as their successes. Letting those clients know that you’re still available should they change their mind, and following up if possible could turn the tide as well."
Written by an Anonymous User
Our Professional Interview Coach
Marcie Wilmot Reviewed the Above Answer
Great answer! The interviewer will be happy that you're accepting of failure, use it to learn, and always follow up in case clients change their minds. Consider including an example to make your response even stronger. Nice job!
25. Name for me what you believe to be the biggest challenge facing the wealth management industry today.
How to Answer
The interviewer at Northwestern Mutual wants to see that you've conducted ample research on the wealth management industry, and the challenges they face today. Whether you're a seasoned financial planning professional, fresh-faced in your first role outside of university, or even transitioning to a new industry, it's essential that you know the challenging side of the trade before joining.
Share what you believe to be a significant challenge in the wealth management industry today, and why. Bonus points if you have a plan prepared on how you will overcome this challenge!
1st Answer Example
"I believe that one of the biggest challenges that the finance and wealth management industries face today is cybercrime in the form of data breaches and fraud. I recently read that financial cybercrime has increased by almost 500% over the last two years, causing a lot of distrust between customers and their financial service firms. To combat this, I always send a copy of our data security action plan and agreement to my customers, ensuring they have a full understanding of what my firm and I do, to keep their information safe and secure."
2nd Answer Example
"From what I have read, and researched, FinTech companies are going to become even bigger and fiercer competitors to traditional financial and wealth management firms. I believe it's important that we begin to look at partnering with these tech-savvy startups rather than completely opposing them."
User-Submitted Answer
"I believe that the disruption posed by AI and other tech-oriented financial start-ups will have a profound impact on the everyday operation of traditional financial institutions. Being able to adapt to these changes will be the responsibility of every wealth management professional,"
Written by an Anonymous User
Our Professional Interview Coach
Marcie Wilmot Reviewed the Above Answer
Nice! Now discuss in further detail why you anticipate that AI will be so disruptive and how you think wealth management professionals will adapt to these changes.
26. Would you cold call for a year if it meant you had a steady client list afterward?
How to Answer
Northwestern Mutual wants assurance that you are willing to put in the hard work required, to later reap the rewards of a stable pipeline of business. Wealth management professionals often focus on the size of their portfolios or the value of their client list; however, you know those results do not come without a ton of leg work.
Show the interviewer that you understand a lucrative career comes from hard work. If you currently spend a lot of time cold calling, prospecting, and working on developing new business opportunities, you can discuss those activities.
1st Answer Example
"I am more than willing to put in time and sweat equity into building my book of business via cold calling; My years of experience in client development within wealth management gives me a good amount of latitude; however, I will never stop trying. I am fully prepared to roll up my sleeves and make many cold calls as needed to maximize my success."
2nd Answer Example
"I thoroughly enjoy meeting and connecting with people, and I love the idea of getting them to say yes, even when they weren't initially inclined to say no! I cannot expect success to be handed to me overnight. So, yes, I'd be willing to cold call for a year to catapult my career. Upfront investment in the long-term health of my job is an approach that I can get behind."
User-Submitted Answer
"Nothing good in life comes easy, and that includes stable relationships with clients. I understand that it will take time— and more importantly, effort- to reach the level of success seen by more veteran advisors. My goal is to learn from each and every call and connection to grow my personal brand and that of NWM."
Written by an Anonymous User
Our Professional Interview Coach
Marcie Wilmot Reviewed the Above Answer
Nice! Your persistent and resilient nature shines through in this answer, which is great. Don't forget to directly answer the question, however, with a resounding yes so the interviewer knows that you'll be willing to do whatever it takes.
27. Have you ever broken a non-disclosure, privacy, or confidentiality agreement?
How to Answer
As a professional in the wealth management industry, you will be privy to a lot of sensitive or confidential information on your clients and Northwestern Mutual. It is highly likely that Northwestern Mutual will have confidentiality agreements for you to sign, and that you will be signing contracts with each client you onboard. Talk to the interviewer about your thoughts on confidentiality agreements, and assure them that you are honest and full of integrity.
1st Answer Example
"I have signed NDA's and confidentiality agreements with my former employers as well as every client. As a professional in the wealth management industry, I also understand the importance of asking my clients to sign the same, so that everyone is protected. I hold myself accountable to confidentiality agreements and take pride in my honest character."
2nd Answer Example
"Before starting my internship, I was asked to sign a confidentiality agreement, which made complete sense to me considering the information I was privy to throughout that time. Discretion has never been an issue for me, and I am happy to comply with any matters of confidence on behalf of Northwestern Mutual."
User-Submitted Answer
"No. I have NDAs with former employers and would never dream of breaching those agreements. This is a simple matter of moral and ethical responsibility, and I take it seriously."
Written by an Anonymous User
Our Professional Interview Coach
Marcie Wilmot Reviewed the Above Answer
Your answer is perfect, and the interviewer will be pleased that you understand the importance of NDA agreements. Great job!
28. Do you have a personal or professional mission statement?
How to Answer
The interviewer would like to know if you have a personal motto or mantra that you live and work by. In business, especially when working in a sensitive industry such as finance and wealth management, this is an important question to ponder. Think of this question as addressing your credibility statement, ensuring you come across as trustworthy and honest, to your clients, peers, and management.
1st Answer Example
"I work to better the lives of each client. That is my mission. I want my clients to feel that I care about their financial wellness and their long-term financial plan. They should always know and be able to see that I will do what it takes to ensure they are comfortable in the long-term."
2nd Answer Example
"My mission statement is to remain humble as I grow my career, and always look for opportunities to grow and learn. The more I know, the better position my clients will be in; however, it takes humility to admit there is always more to learn."
User-Submitted Answer
"Yes! My personal mission is to pursue opportunities that will allow me personal growth, the ability to support my family and reach my goals, and provide a positive impact on those around me."
Written by an Anonymous User
Our Professional Interview Coach
Marcie Wilmot Reviewed the Above Answer
Awesome! This is a great mission statement. How did you decide on it? And how does this opportunity fit into this core belief of yours?
29. Do you have any questions about this job, or working for Northwestern Mutual?
How to Answer
Remember; it is not a badge of honor to say that you have no questions. Many candidates feel that by saying they do not have questions, they are showing that they have researched the job and fully comprehend the requirements. The right response is quite the opposite, however! By asking an insightful question, you are showing the interviewer full engagement and interest. Be sure that your queries are not mundane or redundant. The last thing an interviewer wants to hear is a question that is easily answered by simple research. Dig a bit deeper and ask questions such as:
- How has Northwestern Mutual embraced FinTech advancements this year?
- What is your favorite part about working for Northwestern Mutual?
- What is Northwestern Mutual biggest goal in the next 12 months?
- What do you see as the most significant change in the wealth management industry over the next two years?
- Is there anything from my resume, or our conversation, that I can clarify for you?
- Is there any reason why you would not hire me?
1st Answer Example
"I would like to ask if there is anything in my background on which you need clarification? Also, after discussing everything today, is there any particular reason why I would not be the best fit for this role with Northwestern Mutual?"
2nd Answer Example
"Thank you for asking! A couple of questions come to mind. What do you see as the biggest challenge Northwestern Mutual will be facing in the next 12 months? Also, what is your employee turnover rate for this exact role? Lastly, could you tell me about the retention plan you currently have in place?"
User-Submitted Answer
"Yes! I am curious as to what resources NWM provides to new advisors when it comes to establishing themselves and making connections with clients."
Written by an Anonymous User
Our Professional Interview Coach
Marcie Wilmot Reviewed the Above Answer
Great question! Consider coming up with one or two more thoughtful questions so you have several prepared for the interviewer. You can always ask about onboarding, training, the interviewer's personal experience, or the company's culture.
30. What are your pay expectations for this role?
How to Answer
Since Northwestern Mutual is involved in the finance and wealth management industry, it would be no surprise if they were very upfront when it comes to discussing your pay expectations compared to their offering.
If you are newer to your career, the area, or this particular industry, and are unsure of what a fair ask may be, there are many reliable salary calculators available online.
Avoid giving a wishy-washy answer. You want to be helpful to the interviewer while also sticking up for what you need, without pigeon-holing yourself too much. Answering this question well is a delicate balance.
1st Answer Example
"I currently earn around $90,000 per year including commission. I am looking for compensation aligned with the greater responsibilities of this particular role while leaving room for more commission-based opportunities and career growth. Could you share with me what Northwestern Mutual is offering, for this position?"
2nd Answer Example
"As I am new to my career and the wealth management industry, I am happy to negotiate my earnings based on your typical salary for this role. From my research, I see that the average junior financial advisor in the San Francisco area earns in the $55K range. Is this correct to say?"
User-Submitted Answer
"I understand that I’m new to the field and that that will be taken into account as far as compensation. I look forward to proving my value. As such, the $60K figure quoted on Indeed sounded very reasonable given the position and the area it's located in."
Written by an Anonymous User
Our Professional Interview Coach
Marcie Wilmot Reviewed the Above Answer
Nice! Consider providing a salary range that you've previously researched so you don't pigeonhole yourself and leave room to negotiate later. Also, end your answer by reminding the interviewer of everything you bring to the table and why you deserve the salary you're requesting. Great job!